"With each year’s updated projections we learn that we have less and less time to implement gradual changes," the report said. "Whether for the sake of the budget or for all current and future beneficiaries ... lawmakers must implement changes."

The sooner action is taken to shore up the program, the easier it will be to fix, fiscal specialists say. That's because of the aging profile of the nation, with longer life expectancies and a wave of baby boomer retirements.